PingProperties has acquired the ownership of the office building of the Land Registry at Emmasingel 4 in Groningen for its PingProperties Corporate Office fund IV. The purchase was finalized on a full-equity basis, i.e. without any financing arrangement. The building, with a floor area of around 3,800 m² and 48 parking spaces, is located in Groningen city centre and forms part of the Cascade office complex.
The office complex
The Cascade complex is situated at a unique location in the heart of Groningen, right next to the central station. The complex is characterized by government-related lessees, which have occupied the buildings here since the complex was completed in 1997-2000. The buildings themselves also have their own unique quality and are let to various government agencies on long-term leases.
PingProperties Corporate Office fund IV (started in 2011) has already acquired other parts of the Cascade complex. Of the nine Cascade buildings, seven are now owned by the fund. The purchase therefore represents a strategic addition with a view to the future. PingProperties puts its faith in existing buildings at strategic station locations, and wants to ensure that this complex is enjoyed by users, owners and its surroundings for many years to come.
The Land Registry records and provides data on the location of immovable property in the Netherlands, together with the associated rights such as ownership and mortgages. The Cadastre, Land Registry and Mapping Agency relocated to this building on Cascadeplein in 2008. Its offices in Leeuwarden were closed a year later and its staff were transferred to the Groningen site.